Articles
Small business budgeting for the new year
Even if your business is not what is typically identified as a “seasonal” business, your business likely ebbs and flows with seasonal fluctuations—at least that’s been my experience over the last 35 or so years. Fortunately, after a couple of years at the helm of your business, those fluctuations can be anticipated; making it possible…
All you need to know about short-term loans: A quick recap
When you’re beginning your research into financing for your business, there are a lot of items you need to consider. The most common question is ‘what type of loan should I get?’ There’s a myth out in the business world that it’s best to get the most amount of money for the longest payback period…
Cash flow: What business owners should know
Cash flow is the lifeblood of every business. Without cash, it’s hard to purchase inventory, pay employees, and ultimately keep the doors open. In fact, according to PreferredCFO.com, 82% of small businesses fail because of poor cash flow management skills or a poor understanding of cash flow. “While there are multiple factors to consider with…
4 ways to recover from a rejected loan application
Most small business owners don’t jump into their entrepreneurial dream because they are experts at financing a business. As a result, it’s not uncommon for a loan application to be rejected. Sometimes it could be the creditworthiness of the business, the criteria of the lender, or simply not completely understanding what the lender considered when…
Getting into the holiday spirit: Tips from an Ottawa restaurateur on preparing for the busiest season of the year
The holiday season is typically the busiest time of year for Canadian small business owners, especially those in the restaurant industry. A 2017 Canadian Holiday Outlook Report from PwC Canada found that 58% of Canadian consumers plan to shop with local and independent retailers during the holidays, estimating that they will spend an average of…
Your Credit Profile: Are You Smart Enough?
Today is Get Smart About Your Credit Day. As a small business owner, you don’t need to be a credit or finance expert, but in today’s world, it’s critically important that you have a strong foundation of credit knowledge and are vigilant in your efforts to build and maintain a strong profile. Every small business…
Business Isn’t Personal—Nor Should It Be
For many reasons (particularly in regard to credit), business and personal don’t mix. Although many entrepreneurs capitalize their early-stage startups with personal funds—they might use their home equity, personal savings, or personal credit cards to get things off the ground
Female entrepreneurs and financing: Overcoming the challenges
Canadian businesses owned by women contribute billions of dollars to our economy every year. The number of female-owned businesses has doubled in Canada over the past two decades. Yet women still face potential barriers when it comes to financing their operations, whether they’re looking for a
Building your business up when the economy is down
Entrepreneurs are often more confident about borrowing and investing in business growth during a roaring economy. However, business growth opportunities can present themselves, even during a weak economic cycle.
Financing Options for a Startup
With no history, no track record, and no revenue, borrowing capital for a startup can sometimes feel like searching for the Holy Grail. Nevertheless, there are options, but they might not be where you expect.
The easiest ways to build a strong business credit profile
It can sometimes feel like a Catch-22. Part of building a strong credit profile is responsibly using business credit, but obtaining that business credit so that you can responsibly use it is sometimes easier said than done—especially for young companies just getting started.
Out of the start-up zone: Pivoting a small business to growth
Most businesses are launched with dreams of future growth. But there are things start-ups and other early-stage businesses can do now to lay the groundwork and prepare for future growth. They can start by building a credit profile that will help them access borrowed capital when the time is right.
Are you a savvy borrower?
A love of accounting is probably not the primary reason most entrepreneurs decide to start a business, but most of us would agree that at least a basic understanding of good accounting and bookkeeping practices is an important part of running a business. Likewise, mastering the ins-and-outs of financing is important
3 Unexpected Ways Business Owners are Wasting Time
Here you are, coffee in hand, ready to tackle your store’s to-do list. But before you know it, you’re dealing with an order that came in unexpectedly, recounting last night’s cash report because it doesn’t add up and covering for your cashier whose, once again, late. Sound familiar? That’s because, on average, business owners spend…
Building and Motivating a World-Class Sales Team
Growing up in a small business, from my earliest days driving the delivery truck, filling customer orders, or sweeping the warehouse floor, my dad ingrained in me, “We are all salespeople.” [...]